Usability

Charles Schwab and Fidelity both have a simple account opening and funding procedure, which can be completed online or onsite at a branch office. Fidelity slows the options trading approval process, giving the firm an🔯d its clients an extra opportunity to check on a client’s readiness for options. Both brokers provide excellent online platforms that offer a complete lineup of basic functions. Fidelity quotes are delayed by 15 minutes unless the client manually opts in for real-time quotes. Both platforms are well-designed, but the presentation of the information at Fidelity tends to be easier to follow. Both provide easy-to-find links for downloading high-function desktop trading platforms as well.

Usability Verdict: Tie

The online platforms differ, buꦜt both are easy to use and navigate. 

Trade Experience

Desktop Trade Experience

The difference between these two brokers becomes more apparent as clients review the desktop platforms. Schwab’s thinkorswim platform offers more customizable features and greater functionality, especially for active traders and options traders, but there is a learning curve. Schwab offers free 30-day access to PaperMoney, its full-featured simulated trading platform. By contrast, Fidelity’s Active Trader Pro platform is more intuitive, though it tends to require an extra click or two when initiating 澳洲幸运5官方开奖结果体彩网:option spread strategies. Experienced ac😼tive traders will give the no♓d to Schwab, while more casual investors and traders will appreciate Fidelity’s intuitive feel.

Desktop Tra🐻de Experience Verdict: Charles Schwab

Schwab’s thinkorswim desktop is a more rob꧑ust desktop platform that experienced users will ꦓappreciate.

Mobile Trade Experience

Both brokers offer mobile apps that are well-designed to place trades, monitor positions, and deliver real-time quotes and news. Schwab, ho🌠wever, also offers a thinkorswi🌄m mobile app, bringing all of thinkorswim’s advanced capabilities to mobile users. 

Mobile Trade Experience Verdict: Charles Schwab

The thinkorswim app tilts the s♎cales tܫo Schwab because of its robust feature set.

Range of Offerings

Both brokers offer a wide array of assets, but there are a few key differences. Fidelity offers direct trading in three cryptocurrencies, namely Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). In addition, in 2024 the broker opened trading on the Fidelity Wise Origin Bitcoin Fund (FTBC) and the Fidelity Etherium Fund (FETH), two 澳洲幸运5官方开奖结果体彩网:exchange-traded products (ETPs) issued by Fidelity.  

Schwab only offers exposure to crypto through ETFs and futures. Schwab offers trading in futures and futures options while Fidelity does not. Both support forex trading along with stocks, options, bonds, ETFs, and mutual funds.

Compare Range of Offerings

Order Types

Both brokers offer standard order types (market, limit, and stop) as well as combination and conditional order types such as one-cancels-other (OCO) or one-triggers-other (OTO). Only Schwab supports all of the order types on mꦯobile, through its thinkorswim app.

Order Types Verdict: Charles Schwab

The thi✨nkorswim mobile app﷽ gives Schwab the edge.

Trading Technology

Schwab’s order routing and execution performance is excellent but it makes use of 澳洲幸运5官方开奖结果体彩网:payment for order flow (PFOF). This payment amounts to $0.00066 per share, which is an imperceptible amount to the individual trader or investor, but it is a revenue stream Schwab relies on. It matters because it may create the appearance that a client’s interests, on rare occasions, may not be represented first. Still, Schwab’s execution statistics are excellent with 97% of its orders filled at better than the 澳洲幸运5官方开奖结果体彩网:National Best Bid and Offer (NBBO) prices with an average execution speed of 0.05 seconds.  

By comparison, Fidelity’s smart🐈 order routing technology manages an average execution speed of 0.04 seconds and 95.47% of orders filled at better than NB🌼BO prices. Fidelity’s routing mechanisms are even capable of accessing dark pools, and it manages this performance with no PFOF.

Trading Technology Verdict: Fidelity

Fidelity wins because it doesn’t acc💜ept payment for order 🌃flow.

Costs

Both brokers offer zero commissions for stock and ETF trades. Both charge $0.65 per contract for option trades, and between $49.95 and $75 for mutual funds outside of each broker’s no-fee list. The difference comes in other areas. Schwab charges $25 for broker-assisted transactions, while Fidelity charges $32.95. Fidelity does not charge for deposits or withdrawals via a domestic wire, but Schwab charges $15 to $25 for the service.  

It is worth noting that Fidelity also pays an attr♔active 3.94% annual rate of interest on uninvested cash. In comparison, 🅰Schwab pays just 0.05%.

Costs Verdict: Fidelity

Fidelity’s interest on un🍒used cash b🤪alances gives the broker an edge.

Account and Research Amenities

Fidelity helps find trade ideas through screeners on its Active Trader Pro platform, which are easier to use than thinkorswim’s scan tools. Schwab, however, has more third-party market reports to choose from. Both brokers offer extensive resear🍸ch tools to analyze price action and option volatility metrics. 

Account and Research Amenities Verdict: Tie

This category is a tie, with both brokers offering extensive and valuable rese🐻arch tools..

Portfolio Analysis

Fidelity has a financꦆial planning tool as well as a feature called Full View, allowing you to have a complete view of all of your financial accounts. While Schwab also has pꦛortfolio analysis tools, they are not as helpful in assessing your full financial picture. 

Portfolio Analysis Verdict: Fidelity

Fidelity comes ahead due to its more comprehensive⛄ offering.

Education

Both brokers offer industry-leading educational content, including articles, videos, webinars, podcasts, live online coac🌄hing, and occasional in-person events. However, Schwab has more content and its teams continuously update it to keep it relevant.

Education Verdict: Charles Schwab

The volume of cꦏontent and the frequent updatesℱ give Schwab an edge. 

Customer Service

Both brokers provide excellent customer service. The two can be reached 24/7 over the phone 🐲and online, and ♓both offer access to live and even in-person brokers via branch offices.

Customer Service Verdict: Tie

Clients have access to good customer⭕ service all day every day at both brokers.

Security

Both brokers are highly vigilant in protecting against fraud or any resulting losses. Both carry Securities Investor Protection Co🏅rporation (SIPC) insurance providing up to $500,000 in coverage.   

Security Verdict: Tie

Both brokers make good on the t💦rust clients place in them😼.

The Bottom Line

Schwab and Fidelity are top brokerages, well-suited to cater to all investor levels. Choosing between them isn't straightforward and may ultimately come down to the type of assets an investor wants to trade. Schwab offers futures trading, while Fidelity provides direct crypto trading. Both brokers offer equally excellent tools for trading stocks, options, ETFs, mutual funds, and forex.